Minister of State, Budget and National Planning, Clem Agba, has said that the Federal Government is planning to inject N2 trillion into the Nigerian economy.
Agba, who disclosed this at a webinar Tuesday, also said the government would support airlines as the aviation sector loses N21 billion monthly due to the pandemic, ThisDay writes.
He said the Economic Sustainability Committee has outlined five broad policy objectives with which to deal with the challenges.
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“All in all, when everything is put together, both government funding and the funds we are expected to get from the Central Bank of Nigeria (CBN), Banks of Industry and other multilateral agencies and grants that we are receiving, we expect to get a stimulus of about N2 trillion going into the economy.
“We are also looking at how to support the Aviation sector. Like you know, a lot of planes are parked and this is causing almost N21 billion (loss) on a monthly basis. We are looking at how to provide some form of bailout support to ensure that the industry doesn’t die.
“Of the $2.5 billion facilities from the World Bank, about $1 billion of it will be going to the states as loans. These are concessionary loans. Mr President has already approved N850 billion loan from the domestic capital market”
he was quoted as saying“We are also looking at how to support the Aviation sector. Like you know, a lot of planes are parked and this is causing almost N21 billion (loss) on a monthly basis. We are looking at how to provide some form of bailout support to ensure that the industry doesn’t die.
“Of the $2.5 billion facilities from the World Bank, about $1 billion of it will be going to the states as loans. These are concessionary loans. Mr President has already approved N850 billion loan from the domestic capital market”
He also said the president has approved that $150 million be taken from the Sovereign Wealth Account, in support of the Federal Account Allocation Committee.
The Central Bank of Nigeria has earlier announced the cuts in interest rate and provision of N50 billion credit in its first set of policies to cushion the negative impact of the deadly coronavirus on Nigerian businesses and economy.
The apex bank later injected N1 trillion intervention in all critical sectors of the economy.
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